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History
- Referred to housing, construction and community development
Full text
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Sponsor's memo
BILL NUMBER:S2113
Title of bill
An act to amend the private housing finance law, in relation to annual reports of limited profit and limited-dividend housing companies
Summary
This bill would amend Private Housing Finance Law § 32(2) to require each Mitchell-Lama housing company to annually provide the Commissioner of Housing or the appropriate supervising agency its tax exemption levels and the date any tax abatement or exemption is scheduled to expire. It would also amend Section 32-b of the Private Housing and Community Renewal to include information on tax abatements and tax exemptions granted by localities to Mitchell-Lama projects in DHCR's Annual Report to the Legislature on the Mitchell-Lama Program. This bill would also mandate that DHCR's report specify the date which any tax abatement or exemption is scheduled to expire.
Justification
Article 2 of the Private Housing Finance Law allows localities to provide tax relief to Mitchell-Lama projects within their jurisdiction. Private Housing Finance Law Section 33 limits such relief to a maximum of thirty years. Given this lack of permanence of the tax relief, many residents and project managers are unaware that tax reductions granted by localities many years ago may be about to end. The Division of Housing and Community Renewal is currently required to submit a comprehensive report on the implementation of the Mitchell-Lama Program to the Legislature prior to July 1st of each year. This report is required to include information on rent and carrying charge levels, total capital outlay, amortization, mortgage interest rates, surcharge billings use of surcharge revenues and vacancy rates. By requiring this report to also include the projected expiration date of any tax exemption on abatement, this bill would put residents of Mitchell-Lama projects and project managers on notice and permit them to adequately prepare for the impending rise in tax liability. Moreover, current law requires municipalities and supervising agencies to furnish data requested by the Commissioner for inclusion in this report within 60 days of this request. Accordingly, the inclusion of tax relief expiration dates should not.place any administrative burden on the Division.
Fiscal implication
None.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.